Tax Professional Answers

Planning is the key to legally beating the IRS. It doesn’t matter how good your accountant is at tabulating a stack of receipts on April 15; if you didn’t know you could set up a Section 105 plan and write off your kid’s braces as a business expense, there’s nothing you can do at that late date—you simply lose that deduction forever!

Tax planning guarantees results. You can spend all sorts of time, effort, and money promoting your business in the hope that doing so will increase revenues. At the same time, you can definitely set up a medical expense reimbursement plan and deduct your child’s braces as business expense for guaranteed tax savings. Why would you work so hard to increase revenues while ignoring the guaranteed savings that are baked into the tax code?